Nifty50 Index Weekly Outlook and Analysis:

For the Week: (Sept 04,2020 – Sept 18,2020)

NIFTY 50 Index closed the week on positive note gaining 130.60 points 1.15%.

Weekly High: 11,493.50

Weekly Low: 11,185.15

Weekly Close: 11,464.45

Weekly Support & Resistance For Nifty Index:

NIFTY 50 is trading in rising channel and it has reversed downtrend from its mid point of the channel. Index also form hammer candle pattern on weekly charts, which suggest reversal of trend. We expect market could witness muted buying if indo-china geopolitical tension ease.

Technically on the daily charts we see minor support on the downside for nifty 50 index lies at 11200 levels, whereas minor resistance on the upside is capped around 11650-11700 levels.

If nifty 50 index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 10800 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 12000.

Currently nifty 50 index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 11000 on downside and 11900 on upside.